R&D East recovers additional revenue of Rs60 million

R&D East recovers additional revenue of Rs60 million

KARACHI: MCC Appriasement East R&D Section detected a case of mis-declaration and recovered an additional revenue of Rs60 million.

Principal Appraiser Shafiullah had this information that M/ s. BBJ Industry would make an attempt to clear the secondary quality Hot rolled Coils arrived from Taiwan while claiming inadmissible concession SRO 565(1)/2006.

Accordingly, Shafiullah put the said consignmentsunder observation and after concluding the proceeding by the relevant Group, an examination was created to ascertain the actual description / classification of the goods.

The goods were declared as hot rolled steel sheets in coils of prime quality. However, upon examination the goods were found to be hot rolled steel sheets in coils of various sizes and gauges.

In view of clear cut findings of R&D and Examination Staff, goods are found to be Hot Rolled Coils of Secondary Quality classifiable under heading 7208.3710 attracting CD 20 percent, RD 12.5 percent, S.T  17 percent, l.T 5.5 percent instead of Prime Quality declared by the importer under heading 7208.3790 CD 5.0 percent  RD zero perent, I.T zero percent, S.T 17 percent with claimed benefit of SRO 565(I)/2006 thereby causing colossal loss to the exchequer amounting to Rs60 million.

Accordingly, after re-assessment, the R&D has recovered an additional amount of Rs.60 million in addition to Rs28.74 million paid upfront by the importer at the time of filing of the Goods Declaration, totaling revenue implication of Rs88.74 million.

Collector Ashad Jawad, Additional Collector Azhar Merchant, Deputy Collector Javed Sarwar Shaikh have appreciated the efforts of Principal Appraiser Shafiullah.

What is your view on this ? Let us know in the comments section